With the advancement of technology, fraud is a growing concern. As such, it has become increasingly important to protect customers from misappropriation of identity. Conventional fraud detection systems generally analyze each transaction (or types of transactions) in the same manner. As such, gaps in conventional fraud detection techniques have been exploited leading to the processing of fraudulent transactions. Conversely, in many instances, in an attempt to eliminate as many fraudulent transactions as possible, conventional fraud detection systems are too strict, resulting in false-positive identifications of fraud and increased data storage costs. False-positives fraud identifications lead to legitimate transactions being declined causing loss of revenue to the financial institution as well as heightened consumer frustration. As such, a need currently exists for an improved system for fraud detection.